What are some advantages of incorporating?

What are some advantages of incorporating?

Gregg Wind (Partner, Wind Bermer Hockenberg, LLP) gives expert video advice on: Can starting a business decrease my taxes? and more...

There are many advantages to having a corporation. For one, corporations will oftentimes have lower rates of audit than sole proprietorships; not always, but oftentimes. It is a separate entity that requires a separate tax return, but it can afford some protection from liability, and it can also allow the business owner to pay taxes through payroll withholding, as opposed to depositing quarterly. Payroll withholding is deemed as being paid in timely as long as it's paid by the end of the year. So a lot of business owners like that particular feature.